Correlation Between Amidex35 Israel and Fidelity Canada

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Can any of the company-specific risk be diversified away by investing in both Amidex35 Israel and Fidelity Canada at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Amidex35 Israel and Fidelity Canada into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amidex35 Israel Mutual and Fidelity Canada Fund, you can compare the effects of market volatilities on Amidex35 Israel and Fidelity Canada and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Amidex35 Israel with a short position of Fidelity Canada. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amidex35 Israel and Fidelity Canada.

Diversification Opportunities for Amidex35 Israel and Fidelity Canada

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  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Amidex35 and Fidelity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AMIDEX35 ISRAEL MUTUAL and FIDELITY CANADA FUND in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Canada Fund and Amidex35 Israel is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Amidex35 Israel Mutual are associated (or correlated) with Fidelity Canada. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Canada Fund has no effect on the direction of Amidex35 Israel i.e., Amidex35 Israel and Fidelity Canada go up and down completely randomly.

Pair Corralation between Amidex35 Israel and Fidelity Canada

If you would invest  6,570  in Fidelity Canada Fund on December 29, 2023 and sell it today you would earn a total of  154.00  from holding Fidelity Canada Fund or generate 2.34% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

AMIDEX35 ISRAEL MUTUAL  vs.  FIDELITY CANADA FUND

 Performance 
       Timeline  
Amidex35 Israel Mutual 

Risk-Adjusted Performance

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Very Weak
Over the last 90 days Amidex35 Israel Mutual has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong technical and fundamental indicators, Amidex35 Israel is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
Fidelity Canada Fund 

Risk-Adjusted Performance

6 of 100

 
Low
 
High
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Fidelity Canada Fund are ranked lower than 6 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong fundamental indicators, Fidelity Canada is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Amidex35 Israel and Fidelity Canada Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Amidex35 Israel and Fidelity Canada

The main advantage of trading using opposite Amidex35 Israel and Fidelity Canada positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amidex35 Israel position performs unexpectedly, Fidelity Canada can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Fidelity Canada will offset losses from the drop in Fidelity Canada's long position.
The idea behind Amidex35 Israel Mutual and Fidelity Canada Fund pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Check out your portfolio center.
Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Technical Analysis module to check basic technical indicators and analysis based on most latest market data.

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